We advise commercial office tenants exclusively — no landlords, no developers — so we can be objective and conflict-free. By concentrating single-mindedly on commercial office tenant issues, we gain both the perspective and the experience to level the playing field in landlord-tenant relations. Our fiduciary responsibilities to our client's is our first and only priority.
This unique focus integrates every stage of the real estate process, from Strategic Planning, Transaction Management and Project Management. These services drive the tactical execution behind our strategic thinking, and they lead directly to solutions that reduce costs, improve operations, and enhance the performance of your workforce.
A gradual tightening of the office market is expected to expand from Class A to Class B properties in the near to mid term. This is due to slowly rebounding office job levels tempered by significant vacant stocks in the general office market.
Class A vacancy is ~ 8.7% for both central business district (CBD) and suburban (SUB) submarkets: ~ 2% below the CBD long-term average and ~ 2% above the long-term average for SUB submarket. There has been only ~ 60,000 SF of new Class A or B office supply delivered in the whole regional market during the past three quarters. Flex/Industrial vacancy and lease rates were largely unchanged with some new supply delivered with weak absorption.
New York State’s recent selection of a downtown Schenectady site for a $330 Million casino with an 18-24 month operational target is likely to affect the Schenectady commercial space market.
Market demand for premium office space in the region has been building steadily for multiple quarters – though muted in the recent quarter. Overall market demand growth has been slow, with last year's building deliveries holding SUB vacancy above the long-term average. Location flexible tenants are likely to find the best amenity / price value along with greater lease term flexibility and landlord concessions in the more open Class B & C markets.
Hear about Cresa Albany's professional services in the words of our satisfied clients.
Q2: I have been told from a prospective landlord that using a tenant / broker representative will cost me more money. Is that true?
A: No. If the landlord is referring to the fact that they have to pay the broker, that is correct. However, our process creates a competitive environment between competing landlords. Therefore, the landlord is not going to risk the possibility of losing a tenant by adding a charge for the use of a tenant representative.
Additionally, landlords carry a fee to pay a broker for bringing about a lease. If a tenant goes into a lease unrepresented, the landlord keeps the fee.
Q3: I am planning on staying in my current space and renewing my lease. Do I still need a tenant representative?
A: Yes. We will examine several aspects of your current lease in depth. Do the terms of the lease meet today's market conditions? Does the space design meet your current need? How do you use your allocated space? We will then scour the marketplace to identify opportunities that meet your needs.
Concurrently, we will solicit from your landlord their lease renewal terms that reflect corrections to any deficiencies of the leased space. We then measure the opportunities in the marketplace against the current landlord's proposal. This process guarantees that the current landlord is offering a market-driven transaction while providing space that matches your requirements.
Q4: I know other brokerage firms offer this same service. Why should I consider yours?
A: The first reason is that we consider ourselves the best at what we do. We have earned an outstanding reputation for providing this exact service. The next reason is that we offer complete in-house services including tenant representation, buyer representation, transaction and financial consulting, as well as space design, move coordination, and project management / oversight services. We have the ability to handle all facets of the process, leaving you free to focus on your business.
The next reason, and probably the most important one, is we are an exclusive tenant representation firm. If you were involved in a lawsuit, you would not hire the same attorney to represent you as the opposing party. Other brokerage firms rely on landlords for business, and the potential conflict remains a strong negative in using their services.
See how our approach translates to client satisfaction: Cresa tops client satisfaction in Watkins Survey.
Cresa: Ranked #1 in Client Advocacy from Cresa on Vimeo.
Q5: We have already started looking at alternative locations, and have begun talking with our current landlord about the possibility of extending our lease. Is it too late to use the services of a tenant representation firm?
A: No, it is not too late. All tenants have the right to professional real estate representation. In fact, many of our clients have retained our services after spending some time in the real estate market trying to handle their real estate requirements without professional assistance.
In utilizing our services, your organization will benefit by saving time and money, as trained experts handle all your real estate requirements.
Q6: Will using your services jeopardize our relationship with our current landlord?
A: No, utilizing our services will not jeopardize that relationship. Most landlords recognize that we are professionals dedicated to helping tenants obtain the most cost-effective real estate transaction.
When a landlord is resistant to a tenant utilizing the services of a tenant representation firm, that landlord is sending a message that he may be trying to structure a lease deal that is not in the tenant's best interest. Tenant representation services level the playing field between the tenant and the landlord.
Q7: What type of commercial users do you represent?
A: Cresa Albany has experience with all types of commercial users. We have represented tenants and buyers (either investors or owner-occupied businesses) for professional office, medical, retail, warehouse, and/or industrial properties.
Q8: Why do I need a tenant/buyer representative?
A: To ensure a smooth, timely and cost-effective transaction. Cresa Albany, has both the experience and market knowledge to manage your real estate transaction from start to finish. You'll avoid the headaches and the loss of time and money caused by dealing with real estate issues outside your expertise.
Q9: When should I begin thinking about looking for new space or negotiating a lease renewal?
A: The amount of time required to complete a successful commercial lease varies with the size of the transaction and the status/condition of the potential sites. An evaluation of your real estate objectives and requirements will enable us to estimate your ideal lead time.
It is never too early to meet with one our representatives, who would be happy to provide you with a timetable based on your specific situation.
Cresa Project Management
Professional expertise guiding and supporting the entire process of planning, design, and construction.